Shell to sell stake in Vivo Energy to Vitol Africa BV

Friday, 27 January 2017 07:02

Cityscape of The Hague where the agreement was signed. (Image source: Rene Mensen/Commons)Shell signed an agreement with Vitol Africa BV to sell its 20 per cent stake in Vivo Energy in the Netherlands before Christmas

Shell has signed an agreement with Vitol Africa B.V. to sell its 20 per cent shareholding in Vivo Energy for US$250mn. Completion of this transaction is expected during the first half of 2017, subject to regulatory approval.

The sale is in line with Shell’s strategy to concentrate its downstream operations where it can be most competitive.

As part of the transaction, a long-term brand licence agreement has been renewed with Vitol to ensure that the Shell brand will remain visible in more than 16 countries across Africa.